According to a new report by Daft, rents are soaring at the fastest rate in 14 years.

The latest figures from the property website show rents in the capital have soared 14.5%, averaging at €1,643 per month.

According to Dublin Live, this is compared to a 13.5% increase in average rents around the country last year.It is the highest jump ever recorded since the firm started publishing its quarterly rental reports in 2002.

Ronan Lyons, an economist from Trinity College and author of the report, referred to the figures as “grim” and showed how recently introduced rental caps could be making the housing crisis much worse for so many.

“While measures to control rental inflation may help sitting tenants, they do little to address the underlying issue of a lack of supply. Indeed, they may hinder supply, by encouraging the exit of existing landlords who had not substantially increased rents in recent years.”

Average rents countrywide have reached a new high of a shocking €1,111 a month.

Just under 4,000 properties were available to rent nationwide at the beginning of February – a figure quarter of the available properties five years ago, according to the report.

Mr Lyons added: “Not only do rents continue to reach new peaks, rental inflation continues to increase in both Dublin and nationwide.”

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